Podcast
Questions and Answers
A deed limitation on the use or enjoyment of real property is called a?
A deed limitation on the use or enjoyment of real property is called a?
restriction
Conveyance of real property by escheat means the owner has died?
Conveyance of real property by escheat means the owner has died?
intestate without heirs
Russel is employed by Seller O'Neil to manage his rental house. What can correctly describe their relationship?
Russel is employed by Seller O'Neil to manage his rental house. What can correctly describe their relationship?
Russel is O'Neil's agent; Russel owes a fiduciary duty to O'Neil.
Under federal housing laws, steering means?
Under federal housing laws, steering means?
The Federal National Mortgage Association (FNMA) was created primarily for the purpose of?
The Federal National Mortgage Association (FNMA) was created primarily for the purpose of?
A license may use the term 'team' or 'group' to advertise if?
A license may use the term 'team' or 'group' to advertise if?
A lease is an instrument used to transfer?
A lease is an instrument used to transfer?
In Oregon, the county assessor is required by law to assess property at?
In Oregon, the county assessor is required by law to assess property at?
Under a government rectangular survey, a correction line is needed because of?
Under a government rectangular survey, a correction line is needed because of?
In a real estate sale transaction, title to the real estate passes from the seller to the buyer when?
In a real estate sale transaction, title to the real estate passes from the seller to the buyer when?
A tenant vacated a heated apartment due to a defective heating system. This is an example of?
A tenant vacated a heated apartment due to a defective heating system. This is an example of?
Which of the following tends to lower property values?
Which of the following tends to lower property values?
A 'release clause' in a mortgage is a provision which?
A 'release clause' in a mortgage is a provision which?
The abstract of title for a specific parcel of real estate provides?
The abstract of title for a specific parcel of real estate provides?
A trust deed or mortgage is given as security for a promissory note.
A trust deed or mortgage is given as security for a promissory note.
A homestead exemption would NOT affect?
A homestead exemption would NOT affect?
If a property manager deposits his own funds into his trust account, this situation is called?
If a property manager deposits his own funds into his trust account, this situation is called?
The listing agreement between Frank Morrow and Broker Ted Scott authorized Scott to act as the sole agent of Morrow. This is an example of?
The listing agreement between Frank Morrow and Broker Ted Scott authorized Scott to act as the sole agent of Morrow. This is an example of?
A buyer's debit on the closing statement always?
A buyer's debit on the closing statement always?
A proposal to auction real estate must?
A proposal to auction real estate must?
Oregon real estate licensees may accept a listing for real property of the seller?
Oregon real estate licensees may accept a listing for real property of the seller?
The Federal National Mortgage Association (Fannie Mae) functions in the secondary mortgage market to?
The Federal National Mortgage Association (Fannie Mae) functions in the secondary mortgage market to?
The term 'waiver' in a legal contract is best defined as?
The term 'waiver' in a legal contract is best defined as?
The amount of compensation a property owner must pay a property manager is determined by?
The amount of compensation a property owner must pay a property manager is determined by?
Depreciation can be attributed to?
Depreciation can be attributed to?
Study Notes
Definitions and Terms
- A deed limitation restricting the use or enjoyment of real property is known as a restriction.
- Conveyance of real property by escheat indicates the owner died intestate without heirs.
- In a real estate context, Russel acts as O'Neil’s agent and owes a fiduciary duty to him.
Housing Laws
- Steering under federal housing laws includes:
- Discouraging property inspections based on sex or religion.
- Failing to inform potential buyers about desirable features based on familial status.
Federal National Mortgage Association (FNMA)
- The FNMA was created under Title III of the National Housing Act to primarily purchase Title II loans for market liquidity.
Advertising Regulations
- A license may use “team” or “group” in advertising if:
- Team members are associated with the same principal broker.
- The name is not deceptively similar to another trade name.
- At least one member is a licensed real estate agent.
Leases and Title Transfer
- A lease transfers possession and use of real property for a specified consideration.
- Title to real estate passes to the buyer when the seller executes and delivers the deed, and the buyer accepts it.
Property Assessment and Market Values
- In Oregon, properties must be assessed at market value.
- Deferred maintenance typically tends to lower property values.
Mortgages and Contracts
- A release clause in a mortgage allows portions of the property to be released from the mortgage lien.
- The abstract of title provides a full historical summary of matters affecting title.
Financial Instruments
- A trust deed or mortgage serves as security for a promissory note.
- Homestead exemptions do not affect trust deeds, construction liens, or mortgages.
Management and Commingling
- If a property manager deposits personal funds into a trust account, this creates a situation called commingling.
- Compensation for property management is determined by the property management agreement.
Auction Procedures
- Proposals to auction real estate must be in written, signed agreements and include terms set by the seller beforehand.
Real Estate Transactions
- A buyer's debit on the closing statement always increases the total paid by the buyer.
- The Federal National Mortgage Association (Fannie Mae) operates in the secondary mortgage market by buying mortgages from lenders.
Legal Terms
- The term waiver in legal contracts signifies a voluntary relinquishment of a right.
- Depreciation can result from economic obsolescence, functional obsolescence, and physical deterioration.
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Description
Test your knowledge of key terms and concepts in real estate with these flashcards. Perfect for anyone preparing for the real estate exam or wanting to solidify their understanding of property law. Review terms like restrictions and agency relationships to enhance your learning.
